關於 global entry好處 ，我們在網路上蒐集到這些相關的討論、資訊與評價

去年的崩盤與融斷, 感覺就像才發生過一樣, 沒想到已經一年了. 時間真的過的很快. 希望大家一切都好.

🌻本周做的功課與閱讀
https://makingsenseofusastocks.blogspot.com/2021/03/blog-post_17.html

🌻Docusign (DOCU), Crowdstrike (CRWD)財報結果

當初研究這兩家公司, 是把公司的年報看過一遍, 再把公司上市後所發表的財報結果全部看了一遍(doubt if I will do this again). 這樣的舖天蓋地有好有壞: 壞處當然就是很花時間, 但好處就是徹頭徹尾研究過一遍後, 之後就只要看看財報結果就好了, 也比較知道高層的想法. 而每季財報看下來, 其實會發現很多資訊都是重複的. 以後可能慢慢變成用聽的就好了.

(P.S. 大公司(道瓊股這些)其實不太需要做甚麼研究. 時間跟精力比較值得放在陌生or較小型的公司.)

而研究CRWD的時候, 其實也挺怕, 畢竟資安股不是我熟悉的領域. 但有感於資安越來越重要, 所以覺得一定要有突破. 當時也換了一種分析方式來做研究(不專注在科技上, 而是專注在商業模式, 管理層, 還有競爭環境上), 算是實驗性質. 也有懂資安的股友協助. 結果還算令人滿意.

Anyway. 這兩家公司的護城河都算是起來了, 未來應該不會有甚麼大問題出現. 只是目前正值類股輪動時期, 大家就有耐心點. 供參.

如果會擔心公司股價漲不回來, 可以去注意公司的現金流狀態, 或是換到價值股。供參。
https://news.cnyes.com/news/id/461235

DOCU官方財報結果新聞稿:
https://investor.docusign.com/investors/press-releases/press-release-details/2021/DocuSign-Announces-Fourth-Quarter-and-Fiscal-Year-2021-Financial-Results/default.aspx

CRWD官方財報結果新聞稿:
https://ir.crowdstrike.com/news-releases/news-release-details/crowdstrike-reports-fourth-quarter-and-fiscal-year-2021

🌻了解"文化", 在研究消費性產品, 是很重要的一環. 這也是各地(亞洲, 或是美國)的投資人, 有在那邊的地利之便, 各有其優勢所在.

下面兩段文章, 分別是投資經理人, 對於韓國電商Coupang(CPNG)以及拉丁美洲電商MercadoLibre(MELI), 在當地文化上所做的質化分析:

#CPNG
There’s a pattern here: Homegrown startups in the world’s hottest industry are beating the pants off global giant Amazon.com (AMZN) and Chinese heavyweight Alibaba Group Holding (BABA). Cultural knowledge is prevailing over scale, and Coupang (CPNG) offers some lessons on why. Its next-level delivery network—order before midnight, get it early the next morning—is adapted for a nation of dense population and small refrigerators. “Customers get hooked on ordering a carton of milk or tube of toothpaste,” says Yoojeong Oh, investment director for Korea at Aberdeen Standard Investments.

#MELI
Mercado has distinct advantages over comparable e-commerce players. First, e-commerce penetration in Latin America is a fraction of that in the U.S., roughly around 3%, Gautrey says. Mercado also has built out its warehouse, trucking, and delivery infrastructure—much like Amazon.com (AMZN), but with one key distinction. “Particularly when you go into emerging markets, relying on the nationalized postal infrastructure can mean a delivery takes several days to arrive,” Gautrey says. “Building out your own logistics infrastructure can dramatically improve the consumer experience. And then having that infrastructure also acts as a barrier to entry for [competitors].” The stock is up 178% in the past year, yet Gautrey thinks the market continues to underestimate its potential.

Source: Barron's

圖片: Happy St. Patrick's Day. 美國一年一度的聖派屈克節, 在今天(美國03/17); Barron's去年本周的封面.

圖片來源:
https://www.zazzle.com/happy_st_patricks_day_talking_cat_in_face_mask_holiday_card-256515595609283035?rf

轉錄 -
川普記者會全文中英對照(翻譯：福和會)

Thank you very much. Good afternoon. Thank you.
十分感謝，午安，謝謝。

I’m here today to talk about our relationship with China and several new measures to protect American security and prosperity.
我今天來此要談的，是關於我們（美國）與中國的關係，以及幾個保衛美國安全與繁榮的新措施。

China’s pattern of misconduct is well known.
中國胡作非為劣跡斑斑已經舉世皆知。

For decades, they’ve ripped off the United States, like no one has ever done before.
幾十年來，他們剝削美國的程度前所未見。

Hundreds of billions of dollars a year were lost dealing with China, especially over the years during the prior administration.
美國與中國交易每年損失數千億美元，特別是在前一任（歐巴馬）政府執政期間。

China raided our factories, off shored our jobs, gutted our industries, stole our intellectual property and violated their commitments under the World Trade Organization.
中國搶劫我們的工廠，搶奪我們的工作，把我們的產業開腸剖肚，偷竊我們的智慧財產權，並違反他們在世界貿易組織體制下的承諾。

To make matters worse, they are considered a developing nation, getting all sorts of benefits that others, including the United States are not entitled to.
更糟糕的是，他們還被視為是開發中國家，使得中國能得到各種優勢，這些好處，未被列為開發中國家的各國，包括美國，無法享有。

But I have never solely blamed China for this.
但我從來都說這不只是中國的錯。

They were able to get away with a theft, like no one was able to get away with before because of past politicians and frankly, past presidents.
中國的宵小行為能夠以前所未有的程度逃過制裁，是因為過去的政客，還有，坦白說，過去的總統。

But unlike those who came before, my administration negotiated and fought for what was right. It’s called fair and reciprocal treatment.
但與前任不同，我的政府（和中國）交涉並為正義奮戰。這叫公平互惠原則。

China has also unlawfully claimed territory in the Pacific Ocean, threatening freedom of navigation and international trade.
中國也非法在太平洋強佔領土，威脅航行自由與國際貿易。

And they broke their word to the world on ensuring the autonomy of Hong Kong.
他們也違背對世界所許下的，要確保香港自治的承諾。

The United States wants an open and constructive relationship with China, but achieving that relationship requires us to vigorously defend our national interests.
美國希望與中國有開放與建設性的關係，但是要達成這樣的關係，我們得大力保衛我們的國家利益。

The Chinese government has continually violated its promises to us and so many other nations. These plain facts can not be overlooked or swept aside.
中國政府持續撕毀對我們與其他許多國家的承諾，這明顯的事實不可小看或無視。

The world is now suffering as a result of the malfeasance of the Chinese government.
世界正因為中國政府瀆職而受苦受難。

China’s coverup of the Wu Han virus allowed the disease to spread all over the world, instigating a global pandemic that has cost more than 100,000 American lives and over a million lives worldwide.
中國隱瞞武漢病毒，導致此病能廣傳全世界，造成全球疫情，害死超過10萬美國人，以及全球超過百萬人命。

Chinese officials ignored their reporting obligations to the World Health Organization and pressured the world health organization to mislead the world When the virus was first discovered by Chinese authorities.
當中國政府一開始發現病毒時，中國官員無視他們對世界衛生組織報告的義務，還對世界衛生組織施壓，誤導全球。

Countless lives have been taken and profound economic hardship has been inflicted all around the globe.
無數生命犧牲，整個世界更遭受嚴重經濟危機。

They strongly recommended against me doing the early ban from China, but I did it anyway, and was proven to be 100% correct.
他們強力建議反對我在疫情初期對中國宣布旅遊禁令，但我還是照做不誤，事後證明我百分之百正確。

China has total control over the World Health Organization, despite only paying $40 million per year, compared to what the United States has been paying, which is approximately $450 million a year.
儘管中國每年僅僅不過付給世界衛生組織四千萬美元，相對於美國一直以來每年付出大約四點五億美元（中國出的錢只是零頭），但中國卻完全控制了世界衛生組織。

We have detailed the reforms that it must make and engage with them directly, but they have refused to act.
我們已經直接聯繫，並詳細的告知（世界衛生組織）需要進行何種改革，但他們拒絕行動。

Because they have failed to make the requested and greatly needed reforms, we will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving urgent global public health needs.
由於他們不進行我們所要求的非常必要的改革，我們今天將終止我們與世界衛生組織的關係，將這些資金轉用於其他全球事務以及更值得注資的全球公共衛生迫切需求。

The world needs answers from China on the virus. We must have transparency.
世界要中國為病毒問題給出交代，資訊必須透明。

Why is it that China shut off infected people from Wuhan, to all other parts of China? It went nowhere else.It didn’t go to Beijing. It went nowhere else, but they allowed them to freely travel throughout the world, including Europe and the United States.
為何中國封鎖武漢不讓感染病人到中國其他地區？病毒沒有傳到中國其他地方，沒有傳到北京，沒有傳到中國其他地方，但中國卻允許病人在全球自由旅行，包括歐洲與美國。

The death and destruction caused by this is incalculable. We must have answers not only for us, but for the rest of the world.
此般劣行造成的死亡與破壞損失無法估計。我們要討個交代，不只是為我們自己，也是為了全球其他國家。

This pandemic has underscored the crucial importance of building up America's economic independence, reassuring our critical supply chains and protecting America's scientific and technological advances.
疫情凸顯了建立美國經濟自主、確保美國關鍵供應鏈，以及保護美國科技優勢的關鍵重要性。

For years, the government of China has conducted elicit espionage to steal our industrial secrets of which there are many.
多年來，中國政府一直進行滲透拐騙間諜工作，偷取我們無數的產業機密。

Today I will issue a proclamation to better secure our nation's vital university research and to suspend the entry of certain foreign nationals from China, who we have identified as potential security risks.
今天我要發表宣告，更加強保護我國重要的大學研究，禁止某些中國來的外籍人士進入美國，他們已被查出（對美國）有潛在安全威脅。

I am also taking action to protect the integrity of America's financial system, by far the best in the world.
我也付諸行動保護美國金融體系的完整性，美國金融體系目前是全球最好的體系。

I am instructing my presidential working group, One Financial Markets, to study the differing practices of Chinese companies listed on the US financial markets, with the goal of protecting American investors.
我正指示我的總統政策工作團隊，歐福市場（註：英國金融交易公司），以保護美國投資人為目標，研究在美國金融市場上市的中國企業的種種行為。

Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules.
投資公司不應該讓客戶因投資中國企業，暴露於中國公司不照規矩來而產生的隱性不當風險。

Americans are entitled to fairness and transparency.
美國人值得公平與透明。

Several of the most significant actions we're taking pertain to deeply troubling situations unfolding in Hong Kong.
幾個我們要進行的最重要行動，與香港所展開的深深令人不安的情勢有關。

This week, China unilaterally impose control over Hong Kong security.
這週，中國單方面的施行香港《國安法》控管香港。

This was a plain violation of Beijing's treaty obligations with the United Kingdom in the Declaration of 1984 and explicit provisions of Hong Kong's basic law. It has 27 years to go.
這是明確的違反了北京對英國在1984年《中英聯合聲明》中的條約義務，與香港《基本法》的明確規定，而《基本法》還有27年才到期。（註：《中英聯合聲明》規定以《基本法》確立香港為特別行政區，按照一國兩制方針，保證維持50年不變）

The Chinese government's move against Hong Kong is the latest in a series of measures that are diminishing the city's longstanding and very proud status.
中國政府對付香港的行動，只是一連串消滅該城市長久且自傲獨立地位的措施的最新一記。

This is a tragedy for the people of Hong Kong, the people of China, and indeed the people of the world.
這對香港人民，對中國人民，以及的確對世界全人類來說，都是一場悲劇。

China claims it is protecting national security, but the truth is that Hong Kong was secure and prosperous as a free society.Beijing's decision reverses all of that.
中國宣稱它是在保護國家安全，但事實是香港是個安全繁榮又自由的社會，是北京的決定讓香港的一切豬羊變色。

It extends the reach of China's invasive state security apparatus into what was formerly a bastion of Liberty.
它擴展中國侵略性的國安機構運作範圍，入侵原本是自由堡壘的香港。

China's latest incursion, along with other recent developments that degraded the territory's freedoms, makes clear that Hong Kong is no longer sufficiently autonomous to warrant the special treatment that we have afforded the territory since the handover.
中國最新的侵略行動，與其他近來減損該地區自由的事態發展，讓我們明白：香港不再具有足夠的自治能力保障我們自香港回歸以來給予的特殊待遇。

China has replaced its promise formula of one country, two systems, with one country, one system.
中國已把原本承諾的一國兩制體系，換成了一國一制。

Therefore, I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment.
因此，我指示我的政府開始進行刪除程序，取消給予香港不同特殊待遇的政策豁免。

My announcement today will affect the full range of agreements we have with Hong Kong, from our extradition treaty to our export controls on dual use technologies and more, with few exceptions.
我今天的聲明將影響過去我們與香港所簽訂的所有範圍的協定，從引渡條約到軍民雙用科技出口管制，以及許多其他事項，只有少數例外。

We will be revising the state department's travel advisory for Hong Kong to reflect the increased danger of surveillance and punishment by the Chinese state security apparatus.
我們將修訂國務院對香港的旅遊安全建議，以反應中國國安單位監視與懲處造成的旅遊風險提升。

We will take action to revoke Hong Kong's preferential treatment as a separate customs and travel territory from the rest of China.
我們將付諸行動，撤銷香港獨立於中國其他地區之外，作為獨立關稅與旅遊區域的特別優惠待遇。

The United States will also take necessary steps to sanction PRC and Hong Kong officials directly or indirectly involved in eroding Hong Kong's autonomy and just, if you take a look, smothering, absolutely smothering Hong Kong's freedom.
美國也將採取必要手段，制裁直接間接涉及侵害香港主權的中共與香港官僚，要是你有關心的話，這些人才剛剛扼殺，絕對的扼殺了香港的民主。

Our actions will be strong, our actions will be meaningful.
我們的行動將強而有力，我們的行動將直搗黃龍。

More than two decades ago on a rainy night in 1997, British soldiers lowered the Union flag and Chinese soldiers raised the Chinese flag in Hong Kong.
二十多年前，一九九七年一個下著雨的夜晚，英國士兵降下英國旗幟，而中國士兵在香港升起了中國國旗。

The people of Hong Kong felt simultaneously proud of their Chinese heritage and their unique Hong Kong identity.
當時香港人對中國傳統與獨特的香港身分同樣感到自傲。

The people of Hong Kong hoped that in the years and decades to come, China would increasingly come to resemble it’s most radiant and dynamic city.
香港人當時希望幾年或幾十年後的未來，中國會越來越接近香港這個光彩照人又充滿活力的城市。

The rest of the world was electrified by a sense of optimism that Hong Kong was a glimpse into China’s future, not that Hong Kong would grow into a reflection of China’s past.
當時世界的其他地方也為一股樂觀情緒所振奮，認為從香港可以一窺中國的未來，而不是香港會逐漸成為中國過去的反映（但事與願違，中國沒有變得更像香港，卻是香港成了中國的模樣）。

In every decision, I will continue to proudly defend and protect the workers, families, and citizens of the United States of America.
我的每個決策，都將繼續驕傲的捍衛與保護美國勞工、美國家庭，與美國公民。

Thank you very much. Thank you.
十分感謝，謝謝。

https://www.facebook.com/FansOfFormosaRepublicanAssociation/posts/541451769879059?__tn__=K-R

轉錄 -
川普記者會全文中英對照(翻譯：福和會)

Thank you very much. Good afternoon. Thank you.
十分感謝，午安，謝謝。

I’m here today to talk about our relationship with China and several new measures to protect American security and prosperity.
我今天來此要談的，是關於我們（美國）與中國的關係，以及幾個保衛美國安全與繁榮的新措施。

China’s pattern of misconduct is well known.
中國胡作非為劣跡斑斑已經舉世皆知。

For decades, they’ve ripped off the United States, like no one has ever done before.
幾十年來，他們剝削美國的程度前所未見。

Hundreds of billions of dollars a year were lost dealing with China, especially over the years during the prior administration.
美國與中國交易每年損失數千億美元，特別是在前一任（歐巴馬）政府執政期間。

China raided our factories, off shored our jobs, gutted our industries, stole our intellectual property and violated their commitments under the World Trade Organization.
中國搶劫我們的工廠，搶奪我們的工作，把我們的產業開腸剖肚，偷竊我們的智慧財產權，並違反他們在世界貿易組織體制下的承諾。

To make matters worse, they are considered a developing nation, getting all sorts of benefits that others, including the United States are not entitled to.
更糟糕的是，他們還被視為是開發中國家，使得中國能得到各種優勢，這些好處，未被列為開發中國家的各國，包括美國，無法享有。

But I have never solely blamed China for this.
但我從來都說這不只是中國的錯。

They were able to get away with a theft, like no one was able to get away with before because of past politicians and frankly, past presidents.
中國的宵小行為能夠以前所未有的程度逃過制裁，是因為過去的政客，還有，坦白說，過去的總統。

But unlike those who came before, my administration negotiated and fought for what was right. It’s called fair and reciprocal treatment.
但與前任不同，我的政府（和中國）交涉並為正義奮戰。這叫公平互惠原則。

China has also unlawfully claimed territory in the Pacific Ocean, threatening freedom of navigation and international trade.
中國也非法在太平洋強佔領土，威脅航行自由與國際貿易。

And they broke their word to the world on ensuring the autonomy of Hong Kong.
他們也違背對世界所許下的，要確保香港自治的承諾。

The United States wants an open and constructive relationship with China, but achieving that relationship requires us to vigorously defend our national interests.
美國希望與中國有開放與建設性的關係，但是要達成這樣的關係，我們得大力保衛我們的國家利益。

The Chinese government has continually violated its promises to us and so many other nations. These plain facts can not be overlooked or swept aside.
中國政府持續撕毀對我們與其他許多國家的承諾，這明顯的事實不可小看或無視。

The world is now suffering as a result of the malfeasance of the Chinese government.
世界正因為中國政府瀆職而受苦受難。

China’s coverup of the Wu Han virus allowed the disease to spread all over the world, instigating a global pandemic that has cost more than 100,000 American lives and over a million lives worldwide.
中國隱瞞武漢病毒，導致此病能廣傳全世界，造成全球疫情，害死超過10萬美國人，以及全球超過百萬人命。

Chinese officials ignored their reporting obligations to the World Health Organization and pressured the world health organization to mislead the world When the virus was first discovered by Chinese authorities.
當中國政府一開始發現病毒時，中國官員無視他們對世界衛生組織報告的義務，還對世界衛生組織施壓，誤導全球。

Countless lives have been taken and profound economic hardship has been inflicted all around the globe.
無數生命犧牲，整個世界更遭受嚴重經濟危機。

They strongly recommended against me doing the early ban from China, but I did it anyway, and was proven to be 100% correct.
他們強力建議反對我在疫情初期對中國宣布旅遊禁令，但我還是照做不誤，事後證明我百分之百正確。

China has total control over the World Health Organization, despite only paying $40 million per year, compared to what the United States has been paying, which is approximately $450 million a year.
儘管中國每年僅僅不過付給世界衛生組織四千萬美元，相對於美國一直以來每年付出大約四點五億美元（中國出的錢只是零頭），但中國卻完全控制了世界衛生組織。

We have detailed the reforms that it must make and engage with them directly, but they have refused to act.
我們已經直接聯繫，並詳細的告知（世界衛生組織）需要進行何種改革，但他們拒絕行動。

Because they have failed to make the requested and greatly needed reforms, we will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving urgent global public health needs.
由於他們不進行我們所要求的非常必要的改革，我們今天將終止我們與世界衛生組織的關係，將這些資金轉用於其他全球事務以及更值得注資的全球公共衛生迫切需求。

The world needs answers from China on the virus. We must have transparency.
世界要中國為病毒問題給出交代，資訊必須透明。

Why is it that China shut off infected people from Wuhan, to all other parts of China? It went nowhere else.It didn’t go to Beijing. It went nowhere else, but they allowed them to freely travel throughout the world, including Europe and the United States.
為何中國封鎖武漢不讓感染病人到中國其他地區？病毒沒有傳到中國其他地方，沒有傳到北京，沒有傳到中國其他地方，但中國卻允許病人在全球自由旅行，包括歐洲與美國。

The death and destruction caused by this is incalculable. We must have answers not only for us, but for the rest of the world.
此般劣行造成的死亡與破壞損失無法估計。我們要討個交代，不只是為我們自己，也是為了全球其他國家。

This pandemic has underscored the crucial importance of building up America's economic independence, reassuring our critical supply chains and protecting America's scientific and technological advances.
疫情凸顯了建立美國經濟自主、確保美國關鍵供應鏈，以及保護美國科技優勢的關鍵重要性。

For years, the government of China has conducted elicit espionage to steal our industrial secrets of which there are many.
多年來，中國政府一直進行滲透拐騙間諜工作，偷取我們無數的產業機密。

Today I will issue a proclamation to better secure our nation's vital university research and to suspend the entry of certain foreign nationals from China, who we have identified as potential security risks.
今天我要發表宣告，更加強保護我國重要的大學研究，禁止某些中國來的外籍人士進入美國，他們已被查出（對美國）有潛在安全威脅。

I am also taking action to protect the integrity of America's financial system, by far the best in the world.
我也付諸行動保護美國金融體系的完整性，美國金融體系目前是全球最好的體系。

I am instructing my presidential working group, One Financial Markets, to study the differing practices of Chinese companies listed on the US financial markets, with the goal of protecting American investors.
我正指示我的總統政策工作團隊，歐福市場（註：英國金融交易公司），以保護美國投資人為目標，研究在美國金融市場上市的中國企業的種種行為。

Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules.
投資公司不應該讓客戶因投資中國企業，暴露於中國公司不照規矩來而產生的隱性不當風險。

Americans are entitled to fairness and transparency.
美國人值得公平與透明。

Several of the most significant actions we're taking pertain to deeply troubling situations unfolding in Hong Kong.
幾個我們要進行的最重要行動，與香港所展開的深深令人不安的情勢有關。

This week, China unilaterally impose control over Hong Kong security.
這週，中國單方面的施行香港《國安法》控管香港。

This was a plain violation of Beijing's treaty obligations with the United Kingdom in the Declaration of 1984 and explicit provisions of Hong Kong's basic law. It has 27 years to go.
這是明確的違反了北京對英國在1984年《中英聯合聲明》中的條約義務，與香港《基本法》的明確規定，而《基本法》還有27年才到期。（註：《中英聯合聲明》規定以《基本法》確立香港為特別行政區，按照一國兩制方針，保證維持50年不變）

The Chinese government's move against Hong Kong is the latest in a series of measures that are diminishing the city's longstanding and very proud status.
中國政府對付香港的行動，只是一連串消滅該城市長久且自傲獨立地位的措施的最新一記。

This is a tragedy for the people of Hong Kong, the people of China, and indeed the people of the world.
這對香港人民，對中國人民，以及的確對世界全人類來說，都是一場悲劇。

China claims it is protecting national security, but the truth is that Hong Kong was secure and prosperous as a free society.Beijing's decision reverses all of that.
中國宣稱它是在保護國家安全，但事實是香港是個安全繁榮又自由的社會，是北京的決定讓香港的一切豬羊變色。

It extends the reach of China's invasive state security apparatus into what was formerly a bastion of Liberty.
它擴展中國侵略性的國安機構運作範圍，入侵原本是自由堡壘的香港。

China's latest incursion, along with other recent developments that degraded the territory's freedoms, makes clear that Hong Kong is no longer sufficiently autonomous to warrant the special treatment that we have afforded the territory since the handover.
中國最新的侵略行動，與其他近來減損該地區自由的事態發展，讓我們明白：香港不再具有足夠的自治能力保障我們自香港回歸以來給予的特殊待遇。

China has replaced its promise formula of one country, two systems, with one country, one system.
中國已把原本承諾的一國兩制體系，換成了一國一制。

Therefore, I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment.
因此，我指示我的政府開始進行刪除程序，取消給予香港不同特殊待遇的政策豁免。

My announcement today will affect the full range of agreements we have with Hong Kong, from our extradition treaty to our export controls on dual use technologies and more, with few exceptions.
我今天的聲明將影響過去我們與香港所簽訂的所有範圍的協定，從引渡條約到軍民雙用科技出口管制，以及許多其他事項，只有少數例外。

We will be revising the state department's travel advisory for Hong Kong to reflect the increased danger of surveillance and punishment by the Chinese state security apparatus.
我們將修訂國務院對香港的旅遊安全建議，以反應中國國安單位監視與懲處造成的旅遊風險提升。

We will take action to revoke Hong Kong's preferential treatment as a separate customs and travel territory from the rest of China.
我們將付諸行動，撤銷香港獨立於中國其他地區之外，作為獨立關稅與旅遊區域的特別優惠待遇。

The United States will also take necessary steps to sanction PRC and Hong Kong officials directly or indirectly involved in eroding Hong Kong's autonomy and just, if you take a look, smothering, absolutely smothering Hong Kong's freedom.
美國也將採取必要手段，制裁直接間接涉及侵害香港主權的中共與香港官僚，要是你有關心的話，這些人才剛剛扼殺，絕對的扼殺了香港的民主。

Our actions will be strong, our actions will be meaningful.
我們的行動將強而有力，我們的行動將直搗黃龍。

More than two decades ago on a rainy night in 1997, British soldiers lowered the Union flag and Chinese soldiers raised the Chinese flag in Hong Kong.
二十多年前，一九九七年一個下著雨的夜晚，英國士兵降下英國旗幟，而中國士兵在香港升起了中國國旗。

The people of Hong Kong felt simultaneously proud of their Chinese heritage and their unique Hong Kong identity.
當時香港人對中國傳統與獨特的香港身分同樣感到自傲。

The people of Hong Kong hoped that in the years and decades to come, China would increasingly come to resemble it’s most radiant and dynamic city.
香港人當時希望幾年或幾十年後的未來，中國會越來越接近香港這個光彩照人又充滿活力的城市。

The rest of the world was electrified by a sense of optimism that Hong Kong was a glimpse into China’s future, not that Hong Kong would grow into a reflection of China’s past.
當時世界的其他地方也為一股樂觀情緒所振奮，認為從香港可以一窺中國的未來，而不是香港會逐漸成為中國過去的反映（但事與願違，中國沒有變得更像香港，卻是香港成了中國的模樣）。

In every decision, I will continue to proudly defend and protect the workers, families, and citizens of the United States of America.
我的每個決策，都將繼續驕傲的捍衛與保護美國勞工、美國家庭，與美國公民。

Thank you very much. Thank you.
十分感謝，謝謝。

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